Computational Biology Market Size

Computational Biology Market Analysis

The Global Computational Biology Market size is expected to grow from USD 6,803.88 million in 2023 to USD 12,719.82 million by 2028, registering a CAGR of 13.33% during the forecast period (2023-2028).

The COVID-19 pandemic impacted the computational biology market significantly. In addition to expediting the discovery of the genome and protein structure, variant calling, mutation, and other biological aspects of SARS-CoV-2, computational biology was helpful in various other ways. Bioinformatics research facilitates the search for evidence of the viral origin, host, and evolution. Aside from that, bioinformatics methods like molecular docking, molecular dynamics simulation, and artificial intelligence (AI) technologies were thought to speed up the search for novel drugs for COVID-19 infection. For instance, as per the review article published in the Briefings in Bioinformatics Journal in March 2021, the ARTIC network, which has vast experience and skill in using this technology in the sequencing and surveillance of outbreaks, including Zika and Ebola, has created and optimized the SARS-CoV-2 nanopore sequencing procedure. Nanopore sequencing is used to create SARS-CoV-2 genomes with high accuracy and to monitor COVID-19 transmission as well as viral development over time. Hence, developments and research in computational biology increased during the pandemic and fueled the growth of the market studied. This is further anticipated to drive the market's growth over the forecast period.

Factors such as an increase in bioinformatics research, an increasing number of clinical studies in pharmacogenomics and pharmacokinetics, and the growth of drug designing and disease modeling are anticipated to contribute to the growth of the computational biology market over the forecast period.

Bioinformatics is recognized as part of the essential knowledge base of numerous biomedical research and healthcare career paths. Bioinformatics and computational biology have undergone several transformations over the decade and established themselves as key components of new biology. For instance, per the data the Department of Biotechnology (DBT) updated in February 2022, the expansion of sequence databases due to genome sequencing initiatives has increased the demand for bioinformatics tools and knowledge. In addition, as per Johns Hopkins University data updated in January 2023, computational medicine has advanced in healthcare by creating computational models of disease, personalizing these models with patient data, and using these models to enhance disease diagnosis and treatment. Thus, the rising demand for genome sequencing and the adoption of computational methods in healthcare is anticipated to fuel the growth of the studied market over the forecast period.

Moreover, recent improvements in bioinformatics include capacity-building through activities such as research funding and training opportunities. Increased funding in bioinformatics is helping to create more advancements in computational biology. For instance, in July 2022, a former executive at Pfizer and Bristol-Myers Squibb, Adrian Woolfson, reported USD 55 million of seed funding to reprogram biology and create next-generation genomic products. Therefore, the increased research funding for the development and research of new methods in computational biology is expected to boost the growth of the studied market during the analysis period.

However, the lack of trained professionals is a major factor expected to hinder the market's growth.